Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.725 billion yuan in Q1 2025, a year-on-year decline of 16.26%, and a net profit attributable to shareholders of 101 million yuan, down 77.79% year-on-year [5][6] - Despite the performance pressure, the company is expected to leverage its leadership in the aviation onboard product chain, with potential growth in the civil aviation sector, including participation in major aircraft projects like C919 and AG600 [6][7] - The company aims for high-quality development and to establish itself as a flagship leader in the market, with projected net profits of 1.113 billion yuan, 1.243 billion yuan, and 1.407 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 7.0%, 11.7%, and 13.2% [7][9] Financial Summary - In 2025, the company expects revenue of 24.441 billion yuan, a slight increase of 2.3% from the previous year, with a net profit of 1.113 billion yuan, representing a 7.0% increase [9] - The gross margin is projected to remain stable at 28.2% over the forecast period [9] - The price-to-earnings (P/E) ratio is expected to decrease from 57.32 in 2024 to 37.21 by 2027, indicating improving valuation over time [9]

Core Insights - Company reported a total revenue of 4.725 billion yuan for Q1 2025, ranking 4th among peers, a decrease of 918 million yuan or 16.26% year-on-year [1] - Net profit attributable to shareholders was 101 million yuan, ranking 14th among peers, down by 353 million yuan or 77.79% year-on-year [1] - Operating cash flow increased to 367 million yuan, ranking 4th among peers, marking a rise of 1.637 billion yuan, achieving two consecutive years of growth [1] Financial Ratios - The latest debt-to-asset ratio is 49.63%, ranking 35th among peers, a decrease of 0.17 percentage points from the previous quarter, but an increase of 1.11 percentage points year-on-year [3] - The latest gross profit margin is 24.54%, ranking 31st among peers, down by 3.64 percentage points from the previous quarter and 0.59 percentage points year-on-year [3] - Return on equity (ROE) stands at 0.27%, ranking 32nd among peers, a decrease of 0.98 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - Diluted earnings per share is 0.02 yuan, ranking 31st among peers, a decrease of 0.07 yuan or 77.78% year-on-year [3] - Total asset turnover ratio is 0.06 times, ranking 22nd among peers, down by 0.02 times year-on-year, a decline of 20.78% [3] - Inventory turnover ratio is 0.22 times, ranking 36th among peers, down by 0.08 times year-on-year, a decrease of 26.59% [3] Shareholder Structure - The number of shareholders is 184,400, with the top ten shareholders holding 2.873 billion shares, accounting for 59.37% of total equity [3] - Major shareholders include: - AVIC Systems Co., Ltd. - 25.68% - China Aviation Technology Industry Co., Ltd. - 16.50% - Aviation Industry Corporation of China - 5.84% - China Aviation Rescue Research Institute - 5.53% [3]

据证券之星公开数据整理，近期中航机载(600372)发布2025年一季报。截至本报告期末，公司营业总收 入47.25亿元，同比下降16.26%，归母净利润1.01亿元，同比下降77.79%。按单季度数据看，第一季度 营业总收入47.25亿元，同比下降16.26%，第一季度归母净利润1.01亿元，同比下降77.79%。本报告期 中航机载公司应收账款体量较大，当期应收账款占最新年报归母净利润比达2332.3%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率24.54%，同比减1.21%，净利率2.93%， 同比减66.46%，销售费用、管理费用、财务费用总计4.76亿元，三费占营收比10.07%，同比增24.18%， 每股净资产7.73元，同比增2.6%，每股经营性现金流0.08元，同比增128.91%，每股收益0.02元，同比减 77.78% | 项目 | 2024年一季报 | 2025年一季报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 56.43 Z | 47.25 Z | -16.26% | | 归母净利润(元) | 4.54Z | 1.01亿 ...

中航机载系统股份有限公司第八届董事会 中航机载 股票代码：600372 股票简称：中航机载 编号：临 2025-023 特此公告。 2025 年度第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航机载系统股份有限公司(以下简称公司)第八届董事会 2025 年度 第三次会议会议通知及会议资料于 2025 年 4 月 24 日以直接送达或电子邮 件等方式送达公司各位董事及高管人员。会议于 2025 年 4 月 28 日在北京 市朝阳区曙光西里甲 5 号院 16 号楼 2521 会议室以现场结合视频方式召开。 会议应参加表决的董事 9 人，实际表决的董事 9 人。会议的召开符合《中 华人民共和国公司法》及《公司章程》的规定。会议以记名表决的方式， 审议并一致通过如下议案： 一、《关于审议公司 2025 年第一季度报告的议案》 该议案经公司第八届董事会审计委员会 2025 年度第四次会议审议通 过后提交本次董事会审议。审计委员会认为：董事会关于公司 2025 年第一 季度报告编制和审议程序符合法律、行政法规和中国 ...

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2025-024 中航机载系统股份有限公司第八届监事会 2025 年度第二次会议决议公告 本公司监事会及全监事体保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航机载系统股份有限公司(以下简称公司)第八届监事会 2025 年 度第二次会议会议通知及会议资料于 2025 年 4 月 24 日以直接送达或电 子邮件等方式送达公司各位监事。会议采取通讯表决的方式召开，表决 的截止时间为 2025 年 4 月 28 日 12 时。会议应参加表决的监事 5 人， 实际表决的监事 5 人。本次会议的召开符合《中华人民共和国公司法》 及《公司章程》的规定。会议以记名表决的方式，审议并一致通过如下 议案： 2、公司 2025 年第一季度报告全文及正文的内容和格式符合中国证 监会和上海证券交易所的各项规定，所包含的信息从各个方面真实、准 确、完整地反映出公司当期的经营管理和财务状况等事项； 3、在公司监事会提出本意见前，未发现参与公司 2025 年第一季度 - 1 - 中航机载 报告全文及正文的编制和 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,724,970,175.57, a decrease of 16.26% compared to ¥5,642,632,200.72 in the same period last year[4] - Net profit attributable to shareholders was ¥100,883,845.02, down 77.79% from ¥454,135,887.82 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥59,947,775.88, representing an 83.40% decrease from ¥361,219,070.96 in the previous year[4] - The company experienced a 68.63% decrease in operating profit, attributed to reduced revenue and increased R&D expenses[8] - Net profit for Q1 2025 was ¥138,401,430.29, a decline of 72.0% compared to ¥492,790,076.04 in Q1 2024[19] Cash Flow - The net cash flow from operating activities was ¥367,208,899.15, a significant improvement from a negative cash flow of ¥1,270,058,948.31 in the same period last year[4] - Cash inflow from operating activities for Q1 2025 was approximately $5.84 billion, an increase of 23.7% compared to $4.72 billion in Q1 2024[22] - Net cash flow from operating activities for Q1 2025 was $367.21 million, a significant recovery from a net outflow of $1.27 billion in Q1 2024[23] - Total cash outflow from operating activities decreased to $5.48 billion in Q1 2025 from $5.99 billion in Q1 2024, reflecting improved operational efficiency[23] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥77,837,338,756.22, a decrease of 0.36% from ¥78,120,456,108.96 at the end of the previous year[5] - Total liabilities decreased to ¥38,631,842,178.94 from ¥38,907,828,105.94, reflecting a decline of 0.7%[16] - The company's total equity remained relatively stable at ¥39,205,496,577.28, compared to ¥39,212,628,003.02 previously[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 184,361[10] - The top 10 shareholders hold a total of 2,500,000,000 shares, representing 51.19% of the total shares[10] - The largest shareholder, AVIC Systems Co., Ltd., holds 1,242,768,901 shares, accounting for 25.68% of the total shares[10] Research and Development - Research and development expenses increased to ¥505,822,398.89 in Q1 2025, up 22.6% from ¥412,489,147.17 in Q1 2024[19] Other Financial Metrics - Basic earnings per share were ¥0.0208, down 77.78% from ¥0.0936 in the same period last year[5] - The weighted average return on equity decreased to 0.27%, down 0.98 percentage points from 1.25% in the previous year[5] - Non-recurring gains totaled ¥40,936,069.14 after accounting for tax and minority interests[8] - The company's cash and cash equivalents as of March 31, 2025, amount to ¥12,181,130,410.61, a decrease from ¥13,044,054,512.75 as of December 31, 2024[13] - Accounts receivable increased to ¥24,272,803,477.67 from ¥23,470,748,154.50, reflecting a growth of approximately 3.42%[14] - Inventory as of March 31, 2025, is reported at ¥16,563,601,805.49, up from ¥15,647,914,279.06, indicating an increase of about 5.83%[14] - The total current assets amount to ¥59,653,210,628.09, slightly up from ¥59,493,346,401.19[14] - Long-term equity investments are valued at ¥882,288,261.19, a marginal increase from ¥875,186,759.32[14] Financing Activities - Cash inflow from financing activities increased to $2.18 billion in Q1 2025 from $1.93 billion in Q1 2024, showing stronger financing efforts[23] - Net cash flow from financing activities was -$949.99 million in Q1 2025, a decline from a positive $1.18 billion in Q1 2024, indicating higher debt repayments[23] Operational Performance - There are no other important reminders regarding the company's operational performance during the reporting period[12]

中航机载（600372）公告，2025年第一季度营业收入47.25亿元，同比下降16.26%。净利润1.01亿元， 同比下降77.79%。 ...

中航机载 股票代码：600372 股票简称：中航机载 编号：临 2025-022 中航机载 下： 一、前十名股东持股情况 关于回购股份事项前十名股东及前十名无限售条件股东持股情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中航机载系统股份有限公司（以下简称公司）董事会于 2025 年 4 月 18 日召开第八届董事会 2025 年度第二次会议审议通过了《关于审议公司 以集中竞价交易方式回购股份的议案》，公司拟使用自有资金 30,000 万元 （含）-50,000 万元（含），通过上海证券交易所交易系统以集中竞价交易 方式进行股份回购，本次回购股份的价格不超过 17.13 元/股（含），本次 回购的股份将全部用于员工持股计划或股权激励计划。具体内容详见公司 于 2025 年 4 月 19 日披露的《中航机载系统股份有限公司关于以集中竞价 方式回购 A 股股份方案的公告暨回购报告书》（公告编号：临 2025-021） 及《中航机载系统股份有限公司第八届董事会 2025 年度第二次会议决议公 告》（公告编号：临 2025 ...

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 从沪深300航天国防指数持仓的市场板块来看，上海证券交易所占比58.24%、深圳证券交易所占比 41.76%。 从沪深300航天国防指数持仓样本的行业来看，航空占比100.00%。 金融界4月21日消息，上证指数低开高走，沪深300航天国防指数 (300国防，L11608)报9250.77点。 数据统计显示，沪深300航天国防指数近一个月下跌5.27%，近三个月下跌5.06%，年至今下跌10.26%。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按 ...

AG600飞机自2012年正式提出型号合格证申请，历经陆上首飞、水上首飞、海上首飞、全面完成审定试 飞项目等重要时刻，如今终于完成审定历程的收官之战。 "AG600飞机的成功研制，是新型举国体制下的'大协作''大攻坚'。"在颁证现场，中国航空工业集团 AG600系列总设计师黄领才接受科技日报记者采访时表示，国内22个省级行政区、296家企事业单位、 16所高校组建联合研制团队，创新形成了我国大型水陆两栖飞机核心技术体系，构建了"小核心、大协 作"的研制模式，建立了大型水陆两栖飞机设计、生产制造、系统配套、试验试飞、保障服务体系，使 我国具备了自主研发大型水陆两栖飞机的技术和工业能力，填补了国内空白。 "回想起我们研制团队陪伴呵护AG600飞机从蓝图到适航的点点滴滴，为保障型号顺利取证全力攻坚的 日日夜夜，我除了感动，更多的是感谢。"黄领才回忆起那些与团队并肩奋战的时刻时眼含热泪，"今天 是凝结了无数人心血的里程碑，更是新篇章的第一页。未来我们会继续为AG600飞机的实战应用加倍努 力，为完善国家应急救援体系不懈奋斗。" （文章来源：科技日报） 20日，我国首次按照中国民航适航规章完全自主研制的AG600飞机在 ...